2,803,530 Shares in Principal Financial Group, Inc. (NYSE:PFG) Purchased by Norges Bank

Norges Bank bought a new stake in shares of Principal Financial Group, Inc. (NYSE:PFG) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,803,530 shares of the company’s stock, valued at approximately $217,021,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PFG. Curio Wealth LLC bought a new stake in shares of Principal Financial Group during the fourth quarter valued at about $29,000. BankPlus Trust Department bought a new stake in shares of Principal Financial Group during the 4th quarter worth about $33,000. Sugarloaf Wealth Management LLC lifted its stake in shares of Principal Financial Group by 53.6% in the 4th quarter. Sugarloaf Wealth Management LLC now owns 559 shares of the company’s stock worth $43,000 after acquiring an additional 195 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Principal Financial Group in the fourth quarter valued at approximately $46,000. Finally, Whipplewood Advisors LLC acquired a new position in shares of Principal Financial Group during the fourth quarter valued at approximately $54,000. Institutional investors own 75.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PFG. Barclays upped their target price on Principal Financial Group from $77.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, February 7th. BMO Capital Markets assumed coverage on Principal Financial Group in a report on Thursday, January 23rd. They issued a “market perform” rating and a $93.00 price objective for the company. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $91.00 target price on shares of Principal Financial Group in a research note on Thursday, January 16th. Wells Fargo & Company boosted their price target on shares of Principal Financial Group from $69.00 to $74.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler raised their price objective on shares of Principal Financial Group from $90.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday, February 10th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $85.92.

Principal Financial Group Stock Down 2.4 %

PFG stock opened at $83.06 on Monday. Principal Financial Group, Inc. has a 52-week low of $72.21 and a 52-week high of $91.98. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.29 and a quick ratio of 0.30. The firm has a market capitalization of $18.74 billion, a P/E ratio of 12.43, a P/E/G ratio of 0.76 and a beta of 1.17. The company’s 50 day simple moving average is $84.15 and its 200-day simple moving average is $83.69.

Principal Financial Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Wednesday, March 12th were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 3.61%. The ex-dividend date was Wednesday, March 12th. This is a boost from Principal Financial Group’s previous quarterly dividend of $0.73. Principal Financial Group’s dividend payout ratio (DPR) is 44.91%.

Principal Financial Group Company Profile

Principal Financial Group, Inc provides retirement, asset management, and insurance products and services to businesses, individuals, and institutional clients worldwide. The company operates through Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection segments. The Retirement and Income Solutions segment provides retirement, and related financial products and services.